Fintech major Paytm has appointed Anuj Mittal as Vice President, Investor Relations, according to a source close to the developments. Mittal would be reporting directly to Paytm President and Group CFO Madhur Deora.
This comes at a time when Paytm's stock has been pummelled, in line with the fate of many other technology stocks globally. The fintech company's shares were trading at Rs 538 at the time of publishing on Tuesday, losing around three-fourths of the value after a blockbuster initial public offering at Rs 2,150 apiece in November last year.
Shares of One97 Communications, the parent company of digital payments major Paytm, continued to remain under pressure and hit a new low at Rs 550.50, down 3 per cent on the BSE in Tuesday’s intra-day trade on the back of heavy volume.
In the past one month, the stock has tanked 32 per cent owing to persistent negative news flow. In comparison, the S&P BSE Sensex was down marginally by 0.21 per cent during the same period. The stock hit a record high of Rs 1,961.05 on November 18, 2021, in intra-day trade, but failed to touch its issue price post listing.
One97 Communications, the parent company of digital payments major Paytm, dropped out of the 100-most valued companies list on the BSE as the stock price of the company tanked a whopping 20 per cent in the last two trading sessions.
At 10:48 am; with market capitalisation (market cap) of Rs 40,863 crore, Paytm stood at 112th position in overall ranking of the BSE listed companies. The company lost market cap of Rs 60,537 crore since it's listing day. The company had made its market debut on November 18, 2021. It was at the 51th position in overall ranking with market cap of Rs 1.01 trillion.
India’s digital payments giant Paytm is set for another bout of scrutiny on Saturday when it reports earnings in the wake of its record-breaking initial public offering and tumultuous stock market debut.
Ahead of the results, Paytm’s shares dropped as much as 7.7% in early Mumbai trading on Friday. While the stock had jumped about 32% over the last three days, it is still well below the price set in the $2.5 billion IPO as investors continue to weigh its longer-term prospects.
Paytm Payments Bank Limited (PPBL) on Tuesday launched a physical prepaid card that is directly linked to a user’s Paytm wallet. Users can just top up the wallet to use the card and do not need to create a separate account. The card also enables the withdrawal of money from ATMs.
Satish Gupta, managing director and CEO of Paytm Payments Bank, said, The launch of the Paytm Transit card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs.
An Indian court on Monday has given police three weeks to conclude an investigation into claims from a former Paytm director who said he co-founded the digital payment platform but did not receive shares owed.
Ashok Kumar Saxena, 71, in legal documents said he invested $27,500 two decades ago in Paytm parent One97 Communications but was never allotted any stock, Reuters reported this month https://reut.rs/3j746WJ.
Financial services platform Paytm's Gross Merchant Volume (GMV) is growing at over a 100 per cent in a year, according to its Draft Red Herring Prospectus (DRHP), filed last week.
In Q1FY22, Paytm’s GMV hit Rs 1,46,900 crore, from Rs 69,700 crore in the same period last year. In the whole of FY21, Paytm’s GMV was Rs 4,03,300 crore, highest in the payments industry as per research firm Redseer.
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